We’ve become accustomed to seeing people line up for hours for the latest iPhone from Apple (AAPL). The lines for the new 11 might not be as long as they once were, there’s clearly still a lot of excitement around any Apple. It just has little to do with the iPhone.

Investment research firm CFRA is keeping its 12-month price target on Apple at $240. And it’s seeing potential in the company outside of its flagship phone. CFRA Analyst Angelo Zino sees upside in services, wearables, and a chance of growth with 5G devices hitting the market sometime next year. A 5G launch would support a boost in EPS and help expand its brand.

“I think all eyes are going to be on that potential 5G cycle in late 2020,” Zino said. “So if they were to miss on the iPhone side of things, and expectations needed to be ratcheted down for this upcoming cycle, investors are looking to overlook that given what’s ahead for the fall of 2020.”

Accessories like the Apple Watch and AirPods, which weren’t all that well-received when they first came out, look to be a crucial part of the company’s portfolio. At the event, Apple also officially announced the next generation of the Apple Watch, the Apple Watch Series 5. Zino pointed out that, “as we see greater representation on services, as well as wearables, we think [services and wearables] will represent about 30% of revenue in 2020.”

Items that seemed like second or third-tier products look to be crucial for Apple, but what about the iPhone?

Zino is calling the upcoming iPhones part of “another lackluster upgrade” cycle. The 2020 fiscal year expects future declines of its signature product. There is some promise in the fall of 2020 with the rollout of 5G. Zino says if the 5G launch disappoints, it “could have an impact on our expectations.”

“So you can see that over time less emphasis on the iPhone side of things. And we see that as a great thing for investors, as its somewhat de-risks the Apple portfolio to some extent,” he said.